Bank of China to Boost Poverty Alleviation in Tibet Using Blockchain
The bank had previously developed a cloud-based system which enables collective management of projects. The system helps to manage local poverty reduction fund with its functions such as information access, security certification, and file transfer. Bank of China is now looking to upgrade the system using blockchain technology.
The bank will establish a multi-node blockchain network, which will enable it to connect with partners including Agricultural Bank of China and fund applicants. According to the bank, the technology will help ensure transparency in the use of the fund, precise fund allocation and efficient management.
The trial in Tibet will set the precedent for similar efforts in other poor provinces such as Gansu, Yunan and Qinghai, the report stated.
Bank of China has been actively engaging in blockchain innovation. Earlier this year, it filed a patent application for a solution it says will address blockchain scaling issues. The bank will apply a data compression system that can be used to execute transactions of multiple blocks in a patent it called a “data block”.
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